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Illinois Statutes Chapter 775. Human Rights § 5/4-101. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 4-101. Definitions. The following definitions are applicable strictly in the context of this Article:

(A) Credit Card. “Credit card” has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012.

(B) Financial Institution. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association which operates or has a place of business in this State.

(C) Loan. “Loan” includes, but is not limited to, the providing of funds, for consideration, which are sought for: (1) the purpose of purchasing, constructing, improving, repairing, or maintaining a housing accommodation as that term is defined in paragraph (C) of Section 3-101; or (2) any commercial or industrial purposes.

(D) Varying Terms. “Varying the terms of a loan” includes, but is not limited to, the following practices:

(1) Requiring a greater down payment than is usual for the particular type of a loan involved.

(2) Requiring a shorter period of amortization than is usual for the particular type of loan involved.

(3) Charging a higher interest rate than is usual for the particular type of loan involved.

(4) An under appraisal of real estate or other item of property offered as security.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 775. Human Rights § 5/4-101. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-775-human-rights/il-st-sect-775-5-4-101/

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